5584-R1_NewGloucester_2017AnnualReport_Web

STATEMENT F

STATEMENT F STATEMENT F

TOWN OF NEW GLOUCESTER, MAINE RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TOWN OF NEW GLOUCESTER, MAINE RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS STATEMENT F TOWN OF NEW GLOUCESTER, MAINE RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TOWN OF NEW GLOUCESTER, MAINE RECON ILI TION OF THE ST TEMENT O RE NUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GO ERNMENTAL FUNDS TO HE STATEMENT OF ACTIVITIES FOR THE YEAR ENDED JUNE 30, 2017 ENT TOWN OF NEW GLOUCESTER, M IN RECONC LIATION OF THE STATEMENT OF REVE U S, EXP DI AND CHANGES IN FUND B LANCES OF GOVERN EN TO THE STATEMENT OF ACTIVITIES FOR THE YEAR ENDED JUNE 30, 2017 TO THE STATEMENT OF ACTIVITIES FOR THE YEAR ENDED JUNE 30, 2017 TO THE STATEMENT OF ACTIVITIE FOR THE YEAR ENDED JUNE 30, 2017 Net change in fund balances - total governmental funds (Statement E) Net change in fund balances - total governmental funds (Statement E) Amounts reported for governmental activities in the Statement of Activities (Statement B) are different because: Governmental funds report capital outlays as expenditures while governmental activities report depreciation expense allocated to those expenditures over the life of the assets: Capital asset acquisitions Net change in fund balances - total governmental funds (Statement E) Amounts reported for governmental activities in the Statement of Activities (Statement B) are different because: Governmental funds report capital outlays as expenditures while governmental activities report depreciation expense allocated to those expenditures over the life of the assets: Capital asset acquisitions Net change in fund balances - total governmental funds (Statement E) Amounts reported for governmental activities in the Statement of Activities (Statement B) are different because: Governmental funds report capital outl ys as xpenditures while governmental activities report depreciation expense allocated to those expenditures over the life of the assets: Capital asset acquisitions Depreciation expense Deferred outflows of resources are a consumption of net position by the government that are applicable to a future reporting period and therefore are not reported in the funds Revenu in the Statement of Activities that do not provide current financial resources are not r port d as revenues in the funds: Taxes and liens receivable Repayment of long-term debt principal is an expenditure in the gover mental funds, but the repayment reduces long-term liabilities in the Statement of Net Position Deferred inflows of resources are an acquisition of net position by the government that are applicable to a future reporting period and therefore are not reported in the funds Som expenses rep rted in the Statement of Activities do not require the use of current fi ancial resources and therefore are not reported as expenditures in governmental funds: Accrued compensated absences Net change in fund b lances - total governmental funds (Statement E) Amounts reported for governmental activ ties in the Statement of Activities (S atement B) are diff rent because: Governmental funds report capital outlays as expenditures while government l activities report depreciation expense allocated to those expenditures ov r the life of the assets: Capit l asset acqu sitions Depreciation expense D ferred outflows of resources are a consumption of net position by the gov r t that are applicable to a f ture reporting period and therefore are not report in t funds Revenues in the S atement of Act vities that do not provide cu rent financial resources are not reported as revenues in the funds: Taxes and liens receivable Repayment of long-term debt principal is an expenditure in the governmental funds, but the repayment reduces long-term liab l ties in the State ent of t Position D ferred inflows of resources are an acquis tion of net pos tion by the gover e t th t are a plicable to a f ture reporting period and therefore are not report in t funds Som expenses reported in the Statement of Activ ties do not require the use of current financial resources and therefore are not reported as expenditures in governmental funds: Accrued compensated absences Net pension liability Amounts reported for governmental activities in the Statement of Activities (Statement B) are different because: Governmental funds report capital outlays as expenditures while governmental activities report depreciation expense allocated to those expenditures over the life of the assets: Capital asset acquisitions Depreciation expense Deferred outflows of resources are a consumption of net position by the government that are applicable to a future reporting period and therefore are not reported in the funds Revenues in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds: Taxes and liens receivable Repayment of long-term debt principal is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the Statement of Net Position Deferred inflows of resources are an acquisition of net position by the government that are applicable to a future reporting period and therefore are not reported in the funds Some expenses reported in the Statement of Activities do not require the use of current financial resources and therefore are not reported as expenditures in governmental funds: Accrued compensated absences Deferred outflows of resources are a consumption of net position by the government that are applicable to a future reporting period and therefore are not reported in the funds Revenues in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds: Taxes and liens receivable Repayment of long-term debt principal is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the Statement of Net Position Deferred inflows of resources are an acquisition of net position by the government that are applicable to a future reporting period and therefore are not reported in the funds Some expenses reported in the Statement of Activities do not require the use of current financial resources and therefore are not reported as expenditures in governmental funds: Accrued compensated absences Depreciation expense Deferred outflows of resources are a consumption of net position by the government that are applicable to a future reporting period and therefore are not reported in the funds Revenues in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds: Taxes and liens receivable Repayment of long-term debt principal is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the Statement of Net Position Deferred inflows of resources are an acquisition of net position by the government that are applicable to a future reporting period and therefore are not reported in the funds Some expenses reported in the Statement of Activities do not require the use of current financial resources and therefore are not reported as expenditures in governmental funds: Accrued compensated absences Net pension liability ( 4 1 ( 1 Net pension liability Change in net position of governmental activities (Statement B) Change in net position of governmental activities (Statement B) Net pension liability Change in net position of governmental activities (Statement B) Change i net position of governmental activ ties (Statement B) TO THE STATEMENT OF ACTIVITIES FOR THE YEAR ENDED JUNE 30, 2017 Depreciation expense Net pension liability 149,983 140,000 62,483 6 Change in net position of governmental activities (Statement B) 399,501 $ 3 754,018 (320,990) 433,028 754 (12,100) (135,259) $ (

(135,2 $

(135,259) $ (135,259) $

754,0 (320,9 433,0

754,018 (320,990) 433,028 754,018 ( 20,990) 433,028

149,9

149,983

149,983

(12,1

(12,100)

(12,100)

140,0

140,000

140,000

62,4

62,483

62,483

2,9

2,978

(241,6 (238,6

(241,612) (238,634) 2,978 2,978 (241,612) (238,634) 399,501 $ (241,612) (238,634) 399,501 $ (241 ( 4

399,5 $

54 See accompanying independent auditors' report and notes to financial statements. 17 See accompanying independent auditors' report and notes to financial statements. 17 See accompanying independent auditors' report and notes to financial t t t . 17 See accompanying independent auditors' report and notes to financial statements. 17 See accompanying independent auditors' report and notes to financial statements. 17